In economic terms, to say that there has been an increase in demand for a product means that:
a. the demand curve has shifted to the left.
b. the product's price has fallen and as a result consumers are buying a larger quantity of the product.
c. the product has become scarce for some reason.
d. consumers are now willing to purchase more of the product at each possible price.
d
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Which of the following will NOT increase a worker's human capital?
A) more work experience B) more training C) more schooling D) a higher wage rate
An entry barrier exists when firms in an industry charge the lowest price possible for their products
Indicate whether the statement is true or false
A change in technology that increases the marginal physical product of an input will: a. shift the input demand curve to the left
b. shift the input demand curve to the right. c. result in a movement down along the input demand curve. d. result in a movement up along the input demand curve.
Deciding how a society's products are distributed among its citizens answers the economic question of:
A. "Who consumes the products produced?" B. "What products will be produced?" C. "Where will the products be consumed?" D. "How will the products be produced?"